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| Saturday,
April 21, 2001, Chandigarh, India   
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Wipro net shoots up 151 per cent
Canada offers silos
Sinha leaves it to Lok Sabha ‘Invest VRS money in
fixed income plan’ Microsoft beats forecasts |
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Lower milk production cost BPL, others to move court
Castrol Q1 net down 45.77
pc
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Wipro net shoots up 151 per cent
Mumbai, April 20 The company said the net profit rose to Rs2.18 billion ($46.44 million) from Rs868 million a year earlier. Revenue rose 26.4 per cent to Rs9.34 billion. From the previous quarter, the net profit rose 15.2 per cent and revenue by 20.3 per cent. A Reuters poll in early April forecast Wipro's net profit would rise to
Rs2 billion, up 130.44 per cent from a year earlier and by 5.94 per cent from the prior quarter. Wipro Chairman Azim Premji also said in a statement that he expected future growth to exceed the industry export growth rate. The Nasscom has projected export growth of 40-45 per cent in 2001/02. "We anticipate that we will grow ahead of the growth rates for Indian software exports," said Premji, whose personal ownership stake in Wipro has made him a billionaire. He ranked 43rd on Forbes list last year of the world's wealthiest 100 individuals with a fortune estimated at $6.9 billion. "These results are 6-7 per cent ahead of our expectations," said Dipankar Choudhury, software analyst at ICICI Securities and Finance Company Ltd. But he added: "The fourth-quarter results are not that important per se. We will have to go line by line and check if there is any guidance." Wipro is not a pure software services company. Software revenues account for about 60 per cent of its revenue and the rest comes from its hardware, consumer care and lighting business. Wipro announced its results before the start of trading. Wipro's shares ended Thursday up 2.11 percent at Rs1,285.95, while the Bombay Stock Exchange benchmark index closed 3.94 per cent higher. The shares have rocketed 68.47 per cent since April 12 when dropped to Rs763.30, a low for calendar 2001, but are still down 58.17 per cent from their February 13 high of Rs3,074. Wipro's American Depositary Shares ended 0.5 percent lower at $29.57 on Thursday.
Reuters
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Canada offers silos Chandigarh, April 20 Punjab produces 16 million tonnes of wheat and 14 million tonnes of paddy every year. Storage facilities are ancient. Fifty per cent of the foodgrains are stored in godowns and the rest 50 per cent in covered plinths. The former is uneconomical — given the high cost of bags, manual handling and transportation — and the latter is inadequate — grain gets exposed to rain and storms, loses quality and gains moisture. Paddy milling technology is obsolete. On an average paddy is shelled in a year. The state has paddy stocks worth Rs 1,000 crore. The interest on this amount alone works out to about Rs 2 lakh a day. The FCI compensates the state, no doubt, but at the national level the country loses Rs 1 crore daily on this count, says Mr D.S. Bains, Markfed, MD. India’s poor storage system has attracted a Canadian delegation, which was in Chandigarh on Friday, offering technology to set up silos for bulk grain handling. A corrugated steel silo, which costs about Rs 8,000 to 10,000 per metric tonne, can create infrastructure to clean, dry, weigh and store foodgrains. Developed nations use silos to store their foodgrains. Due to mechanised grain handling cost is lowered and quality maintained, which enables these countries to sell their foodgrains cheaper in the international market, putting countries like India to disadvantage. To have silos, who will foot the bill? Mr Bains gave two options: affordable World Bank loan or private sector investment. The Centre’s grain policy encourages the establishment of silos. It offers guaranteed 100 per cent use for 10 years and 75 per cent use in the next 10 years to silos builders. Companies from Canada, Australian, South Korea and Holland have evinced interest and approached Markfed. But there is a hitch. The Government of India has forgot to mention the price to be paid for one tonne storage which alone can enable companies to do their calculations. Adjusting technology to Indian conditions can be tiresome, as Koreans have discovered. Korean technology for paddy milling was installed at six places in Punjab — Batala, Naushehra Pannuan, Chuslewar, Gidderbaha, Goniana and Jaitu. Trial runs began today. The Koreans complain that paddy offered for milling is already damaged 20 to 40 per cent and its moisture content is much higher than the permissible limit of 3 per cent. The Koreans are now bringing in on April 22 new equipment and will fine-tune the machinery to mill damaged and discoloured paddy.
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Sinha leaves it to Lok Sabha New Delhi, April 20 Mr Sinha, who during question hour, was asked about the steps taken by the government to remedy the problems of small investors, said the stock market was bound to improve in the near future and small investors should not exit in a huff. Saying that ups and downs were usual features of a stock market, Mr Sinha added that those who invest in shares know about this. Speaking on the role of UTI in the stock market, Mr Sinha said the UTI had suffered a loss of around Rs 6000 crore and a correct assessment would be available on June 30 when its yearly audit is complete. Mr Sinha said the SEBI was looking into the entire crisis and the RBI had come out with strict guidelines for cooperative banks with regard to giving credit against securities. The government was not discouraging cooperative banks by issuing such guidelines adding that “we cannot throw the baby out with the bath water”. On insider trading, Mr Sinha said it was an offence and the government was not interested in protecting anyone indulging in these kind of activities. In a written reply to another question, Mr Sinha said the entities connected or controlled by Ketan Parekh were prima facie involved in rigging prices of Global Trust Bank shares during October, 2000 to January, 2001. He said preliminary investigations by SEBI so far had revealed that Parekh was prima facie involved in rigging the prices of GTB. Further it has been noticed that GTB has provided loans and overdrafts to broking and investment companies of Ketan Parekh to the extend of about Rs 250
crore.
‘Invest VRS money in
fixed income plan’ Chandigarh, April 20 The company organised a meet suggesting means to utilise VRS money in the most profitable manner. The meeting was attended by more than 100 persons. Mr Atul Sharma explained the benefits of investing in mutual
funds. The company has relaunched its K Bond Deposit Plan for which the minimum sum which was earlier Rs 10,000 has been reduced to Rs 5,000. After the presentation of Budget savings in post offices, provident fund, etc. have become unattractive. For a retired employee regular income is essential so his maximum money should be invested in fixed income bearing schemes. Regarding a decline in the market value of investments made by the company he agreed that there had been a substantial decline, though the company has not suffered losses since the overall investments are scattered among different sectors. Technology-related mutual funds have, of
course, witnessed a considerable reduction in value. |
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Microsoft beats forecasts New York, April 20 The strong result came at a time when other high-technology companies are complaining that falling corporate capital spending is hurting their performance. “Results were strong across all businesses and came in a little better than we expected,” said John Connors, Microsoft’s Chief financial officer. “We were particularly pleased by the ongoing strong performance of Windows 2000 Professional and the accelerating demand for our. Net Enterprise Server products by business customers.” The company, based in Redmond, Wash., reported earnings of $2.451 billion, up 2.8 per cent from a year earlier. The software maker reported earnings per share of 44 cents, 2 cents better than analysts surveyed by First call/Thomson Financial expected. Revenues rose 14.1 per cent to $6.46 billion, surprising most analysts, who had thought Microsoft would be lucky to top $6 billion. Even before Microsoft announced its results, its stock closed 4 per cent higher at $68.04 on the Nasdaq Stock Market. In after-hours trading, the shares rose as high as $71.98. James Ragan, an analyst at Crowell Weedon in Los Angeles, said he thought investors were responding to the strong revenue figure. According to Brendan Barnicle, an analyst at Pacific Crest Securities in Seattle, higher prices were a major contributor to the higher sales result. Despite the strong profit, Connors said, Microsoft is not immune to the troubles other technology companies face. “We continue to be mindful of the current economic climate and the impact it may have on business and consumer demand,” he said in a statement. In a conference call, company officials said sales of personal computers, a key source of demand for Microsoft’s Windows operating systems, are not growing as fast as expected. In the current quarter, revenue will be between $6.30 billion and $6.50 billion, while earnings per share will be 41 or 42 cents. That figure includes a charge against earnings of 1 cent per share related to Microsoft’s purchase of Great Plains Software. Analysts had expected profits of 43 cents per share. For the full year, revenue will be between $28 billion and $29 billion, while earnings per share will be between $1.90 and $1.94.
Bridge News
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Lower milk production cost Chandigarh, April 20 Farm experts had suggested, way back in 1986, shifting at least 7 per cent additional cropped area to fodder raising the total area under it to about 17 per cent by 2000. The replacement was to come primarily from rice and wheat. But this has not happened all these years. Unlike rice and wheat, milk is a perishable commodity requiring appropriate technology and infrastructure as well as a considerable margin of profit to cover production risks and sustaining comparative advantage in terms of price and returns over a long period of time. Emphasis, therefore, has to be on increasing productivity of milch animals through genetic resources and improved management practices—health, housing and feeding. Moreover, dairying offers great employment potential to rural youth. The enterprise can be a success provided production cost of milk is kept low and market margin is reduced. Though buffalo is the mainstay of dairying, introducing cross-bred and pure-bred cows will go a long way to boost this alternative enterprise. In fact the Johl committee report (1986) on ''Diversification of agriculture in Punjab'' shows the way to develop dairying as a scientific and commercial farm enterprise. The Punjab Milkfed has also prepared a ''Dairy development plan vision—2004-05''. The Managing Director, Mr B M Mahajan, hopes once the plan gets implemented in each district milk union increasing milk producers' co-operative societies number to 8,000 from 5,840 at present by March 31, 2004, the average milk procurement will also be increasing to 15.30 lakh litres per day from 11 lakh litres per day at present. There is a proposal to declare all blocks where a milk plant is operational as ''intensive dairy development block'' apart from establishing two method-cum-result demonstration dairy and fodder seed processing farms, on 30 acres each in Feozepur and Ropar, at a cost of Rs 5 crore each. Livestock contributes to the Punjab economy by way of more than 17 per cent share in the net State Domestic Product. But Punjab is also plagued by the large population of unproductive, deserted, un-owned animals destroying crops and creating traffic hazards. According to Mr Mahajan, as per 1990 livestock census, Punjab, had 2.83 million cattle and 5.57 million buffaloes. There is a Dairy Development Board in place but integrated approach and net-working between the allied departments is missing. Easy loans were made available for mini-dairy farms enabling these to grow and expand. For all this to happen, rich, quality fodder and feed, veterinary health care services, milk processing, handling, transportation and marketing strategies replete with facilities of chilling centres and artificial insemination were required to produce milk at a low cost and giving remunerative price to the dairy farmers without pinching the consumers, say dairy experts. The market position of milk procurement is encouraging in Punjab. Against the total production of 205.48 lakh litres per day (1998-99), the total registered capacity of the organised sector is 50.30 lakh litres and total handling capacity of registered and un-registered milk collectors is 76.90 lakh litres per day. At least 55 per cent milk is retained at village level, 20 per cent go into non-organised urban and suburban consumption and the available surplus, 51.37 lakh litres per day, to organised
sector. Punjab also contributes 4.5 lakh litres liquid milk to the national ''milk
grid''. |
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BPL, others to move court New Delhi, April
20 “We deny all the charges. We are going to appeal against the SEBI order at the Appellate Tribunal on Monday,” Chairman of Videcon International
V. N. Dhoot told PTI from Mumbai. Echoing the sentiments, Sterlite Industry’s Finance Director Tarun Jain said “we will appeal against the order next week. We have no relation, no contact and no deals with Harshad
Mehta”. Market regulator had yesterday barred BPL for four years, Videcon for three and Sterlite for two years from entering the capital market to raise resources and order prosecution of their directors on the issue of price manipulation.
PTI
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Castrol Q1 net down 45.77 pc CASTROL INDIA LTD has posted 45.77 per cent fall in net profit for the first quarter ended march 2001 at Rs 24.4 crore, as compared to Rs 45.07 crore, for the period of January-March 2000. Net sales for the quarter ended March last, were at Rs 303.28 crore as compared to Rs 280.65 crore in the same period last fiscal. The quarterly results were adversely impacted by higher tax provisions, resulting from lower tax benefits at Silvassa manufacture plant and expenses incurred on voluntary retirement. Other income fell from Rs 11.67 crore in January-March 2000 to Rs 3.48 crore in the Q1 of the current fiscal (2001), it said. Ballarpur Industries
today reported a 70 per cent jump in net profit at Rs 25.81 crore in the third quarter compared to Rs 15.24 crore during the same period in the previous fiscal. The net profit for the nine month period ended March 2001 was up by over 90 per cent to Rs 74.43 crore as against Rs 38.52 crore in the previous year. The impressive profit was on account of a 25 per cent increase in sales at Rs 1,151.57 crore during the first three quarters. MASCON GLOBAL LTD has posted a 559 per cent rise in the net profit at Rs 69.62 crore for the year ending December 2000, compared to Rs 10.56 crore in the previous fiscal. The company’s turnover rose by 478 per cent at Rs 341.86 crore in 2000 as against Rs 59.12 crore in the previous year, a company release said. The Board of Directors has also recommended a dividend of 30 per cent for the year, Chief Excutive Officer Nandu Thondavadi said. IPCL: A Parliamentary Committee today asked the government to transfer IPCL as a whole to Indian Oil Corporation rather than just selling its Vadodara plant. The division of IPCL was neither in the interest of the industry nor the company, the Standing Committee on Petroleum and Chemicals headed by Mulayam Singh Yadav said adding that it was part of a motivated design to manipulate the valuation of unit. AUROBINDO PHARMA: The domestic anti-AIDS drug segment is set to witness a price war with the entry of Hyderabad-based Aurobindo Pharmaceuticals Ltd which today said it will offer anti-AIDS drugs 15-20 per cent below market price. The Rs 550 crore bulk drug major today kick-started the operations of its anti-viral division.
PTI |
cr
Dell top computer seller Hong Kong ‘freest economy’ Nokia net profit rises 15 pc Ericsson to cut jobs Sun Microsys earnings fall 43 pc |
bb
Tupperware XPS pact Zee Telefilm Ebony Shankar Sharma |
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